The Arizona State Senate is considering a proposal to encourage the Arizona State Retirement System (ASRS) and the Public Safety Employees Retirement System (PSPRS) to explore the inclusion of Bitcoin ETFs in their investment portfolios.
JUST IN: 🇺🇸 The Arizona Senate is considering an addition #Bitcoin ETFs to government pension portfolios. pic.twitter.com/5t6v3Z5UuU
— Bitcoin Magazine (@BitcoinMagazine) March 6, 2024
On February 22, the bill was approved on third reading by the Senate by a vote of 16 to 13, and is now being reviewed by the House of Representatives for the second time.
The proposal stresses the importance of monitoring developments in Bitcoin ETFs, while also urging ASRS and PSPRS to consider the implications of including these assets in their portfolios. This includes consulting with companies approved by the SEC to offer Bitcoin ETFs.
In addition, the ASRS and PSPRS will be required to provide a comprehensive report on the feasibility, risks and potential benefits of directing a portion of the state pension system's funds to Bitcoin ETFs. The report, which will include options and recommendations for safe investing in the asset class, will be presented to key state officials at least three months before the start of the first regular session of the 57th Legislature.
The proposal aims to provide the ASRS and PSPRS with the information necessary to make informed decisions about incorporating Bitcoin ETFs into their investment strategies, potentially diversifying their portfolios and exploring new avenues for growth.
